Unfunded pension liabilities are a bitch. That is why my local union
doesn’t allow them.
It is one of the major problems with government unions. Without the
need to demonstrate funding they can demand unreasonable benefits and
they have the political power to make it happen.
Lots of private sector pension funds have unfunded liabilities...
Nothing like the public sector unions and even then the PBGC is
supposed to be regulating that.. They may have some "promises" that
might not be kept but the core benefit has to be funded.
What sort of mishmash are you trying to sell here? The problems of
unfunded municipal pension liabilities are due to the municipalities,
states, et cetera, not properly funding those liabilities, a problem
that goes back decades. The unions, such as they are, negotiate decent
pension and healthcare programs because typically* the salaries cities
and state governments pay don't begin to compare with private sector
salaries.
* Yes, I know, there are some exceptions...*some* municipal employees
get decent pay.
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Atta boy Rahm!
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